Exclusive interview with Backpack: From compliant exchanges to wallets to NFTs, how can Backpack be the 'Apple” of Web3?

Interview: Wormhole China

Guest: Can Sun, Backpack Legal

Compiler: Wormhole China

Innovation and cooperation have always been A key force driving the Web3 industry forward.

Recently, Wormhole China had the privilege of interviewing Wormhole’s strategic partner Backpack team members, who gave us an in-depth analysis of the entire Backpack ecosystem and its unique positioning in the Web3 world - from regulated centralized transactions From privacy-protecting on-chain wallets to Solana’s top NFT collectibles, Mad Lads, Backpack is committed to creating a seamless and innovative crypto experience for users.

In the exclusive interview, Backpack Legal Can shared the development history of Backpack, its relationship with FTX and its in-depth technical cooperation with Wormhole. Through this exclusive interview, we will learn how Backpack uses Wormhole’s cross-chain technology to solve the problem of users moving assets between different blockchains, as well as their ambitious future development plans.

The following is the compiled and complete content of this interview:

1. Backpack is called the next generation comprehensive Web3 solution. Can you elaborate on what parts it consists of and how they work together? Working? What problem did it ultimately solve?

Can: The Backpack ecosystem consists of the following parts, which work together in unique ways to unlock new Web3 experiences:

• Backpack Exchange, a subject Regulated centralized exchange.

• Backpack Wallet, a self-hosted, privacy-protecting on-chain wallet.

• Mad Lads, an xNFT collection and Solana’s top NFT collectibles.

For example, the Mad Lads NFT series is minted entirely within the Backpack wallet. During the casting process, users can chat in the wallet, complete casting tasks together, and also need to fight the Mad King to complete the final casting (social + gamified casting process).

We have also integrated the Backpack wallet into the Backpack exchange. Users can withdraw from the exchange to the wallet with one click, or deposit from the wallet to the exchange, and all operations are seamless.

Ultimately, just as Apple attracts more users to smartphones, Backpack hopes to create a best-in-class user experience for Web3 to attract new users and new talents into the field.

2. Many people are interested in the background of Backpack as it seems to have some connection to FTX, can you share more details on this?

Can: Thank you very much for your attention! Backpack did recruit some talent who had worked at FTX.

Despite the scandal, FTX did attract some of the best crypto and financial talent in the world. These people are now located in various places such as venture capital firms, other large exchanges, L1 projects, banks, etc. We've been lucky enough to recruit some of these great people as well.

3. Although Backpack has not been established for a long time, it has a very close relationship with Wormhole in terms of technical cooperation and community connection. What made you choose Wormhole as a cross-chain solution? Are there any interesting stories from the collaboration that you can share with us?

Can: The Backpack team has known the Wormhole team almost from the beginning, our team has great relationships with Wormhole’s leaders and team members and knows that they are very smart and hardworking. So over time, both teams created a lot of synergy and willingness to work together. We chose Wormhole as a cross-chain solution because we saw that they are not only excellent technical experts, but also work very hard and are a team worthy of our trust.

4. Which Wormhole solutions or products is Backpack currently using? Can you elaborate on how exactly it leverages Wormhole’s technology?

Can: Currently, Backpack wallet has natively integrated Wormhole’s cross-chain bridge. This allows users to bridge assets between Solana and Ethereum and operate in both directions. We also plan to add more chains to this cross-chain bridge, allowing users to bridge not only Ethereum or Solana or USDC, but also more long-tail assets on other chains.

The Backpack wallet will also integrate Wormhole NTT to allow native token transfers from one chain to another. This means that after integration, the token transfer supported in the Backpack wallet will no longer be the wrapped (warped) version, but the native version. The specific principle is to burn tokens on the sending chain and re-mint on the receiving chain. the token.

5. What benefits or advantages does using Wormhole technology bring to Backpack? What are the specific benefits for users?

Can: The benefits Wormhole brings to us include allowing our on-chain Backpack wallet users to freely move assets between Solana and Ethereum through a single, very easy-to-use interface that is natively integrated into the wallet. Once we integrate Wormhole NTT, these users will also be able to move native assets across different chains without wrapping.

For example, Wormhole's W token is a native ERC-20 token and a native SPL token, so you can use the Wormhole NTT framework in the Backpack wallet to transfer native W tokens on various chains, Although they may be different versions (ERC20 and SPL), they are both native assets.

6. What is the actual feeling or experience of building/integrating their solution based on Wormhole?

Can: It was a pleasure working with the Wormhole team. They are hard-working people with a high level of integrity, which makes working together easy. And this collaboration is always open and flexible, with the Wormhole team willing to implement new ideas and solutions and dedicate time when needed to make it happen.

7. Can you share some of Backpack’s achievements/milestones so far and future development plans or roadmap? What exciting developments can we expect?

Can: Last year, we became the first exchange to receive a full VASP license from Dubai’s crypto regulator VARA. This year we have achieved over 600,000 fully KYC users and billions in transaction volume, far exceeding our expectations.

Our next step is to develop more products, open up the Japanese, EU and US markets in terms of regulation, and establish the best global fiat currency channel.

8. How do you evaluate the Wormhole protocol? In what aspects would you like to see improvements and enhancements to Wormhole?

Can: We have always believed that the Wormhole protocol is the first-class interoperability protocol in Crypto and is the current market leader in the cross-chain field, and has a tendency to continue to maintain this position. As for suggestions for improvements, we would like to see improvements in support for long-tail assets if they could be bridged between more chains via Wormhole and without having to use something like Mayan Finance or any other liquidity-based protocol to obtain it Liquidity would be great.

9. Finally, Backpack’s incentive mechanism has been widely discussed. Can you share Backpack’s strategic plan for incentive mechanism design? How do you want users to view these incentives?

Can: Designing and implementing incentives has definitely been a learning process for us. Our initial strategy was very simple, allowing everyone to participate, and I think it worked, we were able to attract users who were completely new to Solana, and even users who were completely new to Crypto. Our customer support is educating users step by step, such as telling them what gas fees are, what cross-chain is, what KYC is, etc.

With us now attracting a large number of users, we thought it was time to gradually improve the design. Our ultimate goal is to attract more off-chain users to learn about on-chain projects, distribute tokens to users who pass KYC, and incentivize users to use Backpack as their primary crypto wallet and exchange.

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